Yes, but also no. Because you don't have to buy a mispriced asset (mispriced against you) and also, in many cases, you can construct what you want from pieces of other assets.
One car dealer trying to sell a 2023 Honda Accord with 60,000 miles can't just decide, independently, to forget the high mileage and price the car based solely on it being 1 year old. Sure that's "whatever is being asked" but that car will never sell until he brings the price down in line with other 60k mile cars - and that is because the pricing models are essentially agreed upon by all market participants.
Yes, but also no. The value of things is only what the market wants to pay for it, and it does not matter if it is a 2023 Honda Accord or a financial product, currency... In one you might trust the engine reliability and on the other on the government behind the currency, whoever is writing the option, issuing the bond, ... But still, it is a matter of faith and bid/ask.
One car dealer trying to sell a 2023 Honda Accord with 60,000 miles can't just decide, independently, to forget the high mileage and price the car based solely on it being 1 year old. Sure that's "whatever is being asked" but that car will never sell until he brings the price down in line with other 60k mile cars - and that is because the pricing models are essentially agreed upon by all market participants.